Agreement Puts Brakes On Auto Insurance Rates

If you have auto insurance in North Carolina you'll soon be getting a break.

Insurance Commissioner Wayne Goodwin says private passenger auto insurance rates will roll back to 2006 levels, that's thanks to an agreement announced today with the North Carolina Rate Bureau.

Goodwin says the settlement does away with a 9.4% hike in 2008 and a proposed 1.4% increase for 2009. Changes will take effect November 1st and are retroactive January 1st.

"Drivers will not only see lower rates, but many will also receive refund checks beginning in mid-2010 that may together total more than $50 million. In this economy, every dollar counts, and I am committed to protecting consumers through fair ratemaking."

The agreement also locks in the maximum allowable auto rates until October 1, 2011.

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